London-based global investment firm Centricus have joined the race to buy Chelsea.

Centricus have confirmed they are funding the latest British bid for Chelsea as prospective owners wait to find out if they have made the final shortlist of three preferred bidders.

The bid backed by Centricus, which has £29billion in assets, features several Chelsea season-ticket holders.

Centricus co-founder Nizar Al-Bassam and CEO Garth Ritchie, who are heading the bid, are season-ticket holders at Stamford Bridge. They have joined forces with fellow season-ticket holders Jonathan Lourie of Cheyne Capital and Bob Finch or Talis Capital to strengthen their bid.

In a statement, the group said it “will be committed to supporting [Chelsea] and its key stakeholders to ensure its continued success”.

A statement from Centricus said: “Our financing for the deal includes funding for the completion of the transaction and funding for working capital required for the day-to-day operations of the CFC Group, funds required to maintain an elite global brand, investment in grassroots and in-community football initiatives such as the Chelsea Academy, the Women’s Team, the Youth Development Program and the Chelsea Foundation and strategic real estate investment.

“The intention is to maintain and support existing management on both the business and sporting operations of the CFC Group. We intend to maintain the existing strategy direction.

“Clearly, the CFC Group has been operating in challenging conditions and we appreciate the importance for the CFC Group, the fans and other key stakeholders of ensuring a smooth and stable ownership transition.

“During this transition period and thereafter, we will ensure that we have frequent and open dialogue with all key stakeholders which underpins our long-term commitment to the CFC Group and its continued future success.

“If our offer is successful, Centricus would be focused on ensuring that the CFC Group continues to achieve sporting excellence, high level of community support, transparent governance, financial sustainability, fan engagement and exemplary custodianship.”

Nick Candy, the Ricketts family, Sir Martin Broughton and a consortium led by Todd Boehly are among the prospective buyers of Chelsea waiting to learn if their bids will be progressed.

Other parties reported to be interested include US billionaire and Crystal Palace co-owner Josh Harris, New York Jets owner Woody Johnson and a Saudi Arabia-based consortium.

The winning group is expected to pay between £2bn and £3bn.

Cheyne Capital has agreed a EUR63.3 million funding partnership with Bain Capital Credit, LP and Stoneweg Hospitality to support the acquisition and redevelopment of the Andalucia Plaza Hotel in Marbella.

This 400-room hotel has two restaurants, three bars, eight meeting rooms and two swimming pools. It is a destination in its own right, whilst also being located a short walk from the bars and restaurants of Puerto Banus. As such, it has been identified by all parties as a promising redevelopment opportunity under the Hard Rock brand.

The refurbishment will preserve much of the hotel’s existing building fabric to minimise the environmental impact of the works being carried out.

A British-led consortium fronted by Chelsea supporters has confirmed that it has made a bid to buy the club.

The deadline for prospective purchasers expired on Friday and the UK government will now access the various bids following oligarch owner Roman Abramovich putting the club up for sale after being sanctioned for his links with Vladimir Putin.

A London-based asset management firm, Centricus, has teamed up with hedge fund manager Jonathan Lourie of Cheyne Capital, and Talis Capital’s Bob Finch, formerly majority shareholder of FC Nordsjaelland in Denmark, to submit a bid.

Lourie, Finch and Centricus’ co-founder Nizar Al-Bassam and CEO Garth Ritchie are all long-standing season-ticket holders at Chelsea and reportedly made their proposal on Friday to Raine Group, who are organising the sale.

“We oversee £40 billion of assets,” Al-Bassam was quoted as saying on Sunday. “There’s a clock [on finding a new owner for Chelsea] ticking because the club is bleeding money at a faster rate than it should be while there’s uncertainty there.

“We’ve tried to focus on a proposal which aligns the ownership of the club with long-term investors with a deep history with the club. If you look at the proposal we put forward, keeping it an entirely British finance proposal is core to that.

“Our bid is all domestic, we don’t have any foreign investors so we’re using domestic capital which I think is quite noteworthy. We all attend the matches with our kids. I don’t think any of us are coming purely because we’re fans or purely because we love football.”

One issue for Chelsea is that because none of sale proceeds can go into Abramovich’s pocket, he may attempt to veto bids from the United States and Britain because both countries have sanctioned oligarchs from his homeland.

This year’s awards will be held on 30 June at the Hilton Park Lane in London

Here they are. The next set of finalist lists for the UK Pensions Awards 2022, looking at the investment categories of this year’s accolades.

The shortlists for the advisory categories, DC and other categories were published yesterday. The remaining shortlists will be announced tomorrow (1 April).

The 25th anniversary UK Pensions Awards have been rigorously judged by a panel of senior scheme managers, trustees and advisers. To see the full list of judges, visit the UK Pensions Awards website.

The winners will be announced at an in-person gala dinner at The Hilton Park Lane in London on Thursday, 30 June 2022.

To book a table and a finalist package at this event visit our booking website or contact Rushna Khan at 020 7484 9843 or via rushna.khan@incisivemedia.com.

To sponsor the awards contact Liam Barrett on 020 7484 9977 or via liam.barrett@incisivemedia.com.

Further information about the awards can be found at: https://ukpensionsawards.com/.

The shortlists for the investment categories of this year’s awards are as follows:

Investment Categories:

• Investment Manager of the Year
• Artisan Partners UK
• Dodge & Cox Worldwide Investments
• Fidelity International
• Impax Asset Management
• Insight Investment
• RBC Global Asset Management
• Robeco
• Royal London Asset Management (RLAM)
• Unigestion

Fiduciary Manager of the Year:

• Aon
• BlackRock
• BMO Global Asset Management
• Cardano Risk Management
• Charles Stanley & Co
• Goldman Sachs Asset Management
• Kempen Capital Management
• Legal and General Investment Management
• Mercer
• Russell Investments
• Schroders Solutions (formerly River and Mercantile Solutions)
• SECOR Asset Management
• SEI

Institutional Investment Platform Provider of the Year:

• Mobius Life
• Phoenix Corporate Investment Services (part of Phoenix Group)
• Equity Manager of the Year:
• Artisan Partners UK
• Dodge & Cox Worldwide Investments
• Fidelity International
• Fisher Investments Europe
• Local Pensions Partnership Investments
• Morgan Stanley Investment Management (MSIM)
• Polen Capital
• T. Rowe Price
• William Blair Investment Management

Fixed Income Manager of the Year:

• Dodge & Cox Worldwide Investments
• Federated Hermes
• Fidelity International
• Insight Investment
• Janus Henderson Investors
• Legal and General Investment Management
• M&G Investment Management
• Morgan Stanley Investment Management
• Neuberger Berman
• PGIM Fixed Income
• T. Rowe Price
• TOBAM

Factor Investing Manager of the Year:

• Aon
• AQR Capital Management
• BNP Paribas Asset Management
• Invesco
• Research Affiliates Global Advisors (RAFI)
• Unigestion

DB Multi-Asset Manager of the Year:

• Beach Point Capital Management
• Columbia Threadneedle Investments
• Mercer
• Newton Investment Management
• Pictet Asset Management
• TOBAM

Emerging Markets Manager of the Year:

• Artisan Partners UK
• Morgan Stanley Investment Management
• Muzinich & Co
• Neuberger Berman
• Riscura
• William Blair Investment Management

Real Estate Manager of the Year:

• AXA IM Alts
• Cheyne Capital
• Columbia Threadneedle Investments
• Federated Hermes
• Invesco
• M&G Investment Management
• Patron Capital

Alternative and Private Markets Investment Manager of the Year:

• Alpha Real Capital
• AMP Capital
• Beach Point Capital Management
• BlackRock
• BNP Paribas Asset Management
• Cheyne Capital
• Darwin Alternative Investment Management
• GLIL
• Greencoat Capital
• J.P. Morgan Asset Management
• LGT Capital Partners
• M&G Investment Management
• Unigestion

ESG Manager of the Year:

• Alpha Real Capital
• Aon
• AXA Investment Managers
• Candriam
• Federated Hermes
• Legal & General Investment Management
• LGT Capital Partners
• Morgan Stanley Investment Management
• Natixis Investment Managers
• Railpen
• RBC Global Asset Management

Impact Manager of the Year:

• abrdn
• Aon
• AXA IM Alts
• Candriam
• Cheyne Capital
• Federated Hermes
• Fisher Investments Europe
• M&G Investment Management
• Patron Capital
• Robeco
• Tikehau Capital
• Vontobel Asset Management

Liability-Driven Investment (LDI) Manager of the Year:

• abrdn
• BlackRock
• BMO Global Asset Management
• BTPS
• Insight Investment
• Legal and General Investment Management

Cashflow-driven Investment (CDI) Manager of the Year:

• abrdn
• Alpha Real Capital
• AXA Investment Managers
• BMO Global Asset Management
• Legal and General Investment Management
• Mercer

Risk Reduction Provider of the Year:

• Just Group
• Legal & General Assurance Society
• Pension Insurance Corporation
• Rothesay
• Scottish Widows
• Standard Life

DB Investment Innovation of the Year:

• abrdn
• Border to Coast
• Mercer
• Mobius Life
• SEI

Private Equity Wire has announced the winners of the Private Equity Wire European Awards 2022, which recognise excellence among private equity fund managers and service providers in Europe across a wide range of categories.

Voting for the awards, which were presented today (24 March) at an exclusive ceremony and networking event at the Reform Club, London, was conducted via an online poll of the entire Private Equity Wire userbase, where participants were asked to make their choice among the shortlisted firms in each category.

The GP manager categories cover fund performance and fundraising success by firms across a range of private markets investment strategies – including buyout, growth, fund of funds, secondaries, co-investment, debt, real estate and real assets. The service provider categories span all the key areas of the broader private equity industry.

The pre-selection data for the fund manager shortlists was provided by Bloomberg. The fund manager universe included all funds managed by UK and European-headquartered GPs. All funds in each category were grouped into their respective vintages and ranked on the basis of their net IRRs as of the end of September 2021.

For the performance categories, five vintages of funds were analysed – 2015, 2016, 2017, 2018, and 2019. All GPs that had more than one fund ranked among the top performers across those five vintages were shortlisted for that category.

For the asset band groupings, asset thresholds were based on the respective individual fund sizes – not the overall assets under management of the GP in that category.

For the fundraising categories, GPs were ranked on the total raised in each respective strategy category for 2019, 2020, and 2021 vintage funds.

For the service provider categories, the nominated firms were based on a widespread survey of more than 100 GPs and other key industry participants.

The winners are: 

MANAGERS

• Best Buyout Manager (fund size up to USD2.5bn) – Summa Equity – Summa Equity Fund II 
• Best Fundraising Firm – Real Estate – Pictet Alternative Advisors SA – Pictet Real Estate Capital-Elevation Fund I Scsp  
• Best Fundraising Firm – Fund of Funds – Credit Suisse – Climate Innovation Fund
• Best Fundraising Firm – Real Assets – Actis LLP – Actis Energy Fund 5 LP
• Best Fund of Funds Manager (fund size above USD500m) – LGT Capital Partners AG – Crown Global Opportunities VI PLC
• Best Venture Manager (fund size up to USD250m) – Medicxi – Medicxi Ventures 1
• Best Real Estate Manager (fund size up to USD1bn) – Bridges Fund Management
• Best Fundraising Firm – Buyout (Fund Size USD5bn-10bn) – Nordic Capital Svenska AB – Nordic Capital Fund X LP
• Best Fundraising Firm – Debt – Park Square Capital LLP – Park Square Capital Partners IV SCSp
• Best Fundraising Firm – Overall – Apax Partners LLP – Apax X LP
• Best Fundraising Firm – Mid-Cap Buyout (Fund Size above USD10bn) – EQT Partners AB – EQT IX SCSp
• Best Fundraising Firm – Secondaries (fund size above USD5bn) – Coller Capital
• Best Debt Manager (fund size up to USD1.5bn) – AnaCap Members LLP – AnaCap Credit Opportunities Fund III LP
• Best Fund of Funds Manager (fund size up to USD500m) – Hamilton Lane Advisors Inc – Zurich Anlagestiftung Private Equity III
• Best Growth Manager – Verdane
• Best Secondaries Manager – Coller Capital 
• Best Venture Manager (fund size USD250m-1bn) – Northzone Ventures Sweden AB – Northzone VIII LP
• Best Fundraising Firm – Secondaries (Fund Size below USD5bn) – Eurazeo
• Best Debt Manager (fund size above USD1bn) – Cheyne Capital Management Ltd – Cheyne European Strategic Value Credit Fund I
• Best Fundraising Firm – Co-investment – Inflexion Private Equity Partners LLP – Inflexion Supplemental Fund V LP
• Best Fundraising Firm – Large-Cap Buyout (fund size above USD10bn) – Permira Holdings LLP – Permira VII LP
• Best Fundraising Firm – Venture – Sofinnova Partners SAS – Sofinnova MD Start III
• Best Buyout Manager (fund size above USD2.5bn) – EQT Partners AB – EQT VIII SCSp
• Best Real Assets Manager – KKR & Co Inc – KKR Asia Pacific Infrastructure Investors Scsp
• Best Real Estate Manager (fund size above USD1bn) – CBRE Group Inc – CBRE Europe Value Partners 2 SCSp SICAV-RAIF
• Best Venture Manager (fund size above USD1bn) – Index Ventures SA – Index Ventures Growth IV LP

SERVICE PROVIDERS

• Best Investor Relations Technology – SS&C Intralinks
• Best Recruitment Company for Investor Relations & Asset Raising – Jensen Partners
• Best Fund Administrator (GP’s with assets >USD30bn) – Alter Domus
• Best Law Firm – Fund Structuring – Addleshaw Goddard LLP
• Best Insurance Service Provider – Lockton Companies LLP
• Best Regulatory & Compliance Technology – Ontra 
• Best Foreign Exchange Solution – Alpha FX
• Best Accounting and Reporting Solution – AssetMetrix
• Best Fundraising Solution – DealCloud
• Best Deal Origination Technology – DealCloud
• Best Tax Adviser – Wheelhouse Advisors 
• Best Fund Administrator – Technology – TMF Group
• Best Cloud Services Provider – Edge Technology Group 
• Best Law Firm – Fund Domicile – Ogier
• Best Start-up Solution – ZEDRA
• Best ODD Solution – Diligend
• Best Fund Financing Solution – Investec Bank
• Best Cyber Security Provider – Field Effect
• Most Innovative Technology – Equipped AI
• Best ESG Data Provider – RepRisk
• Best ESG Solution Provider – Rio ESG LTD
• Best Fund Administrator (GP’s with assets <USD30bn) – Highvern
• Best Technology Advisory Firm – Lionpoint Group
• Best Risk Management Software Provider – Validus Risk Managment
• Best Placement Agent – Asante Capital Group
• Best Recruitment Company for Operations & Finance – Private Equity Recruitment 
• Best PR & Communications Agency – Prosek Partners
• Best GP Incentive Platform – EWM Global
• Best ManCo Solution – MJ Hudson
• Best ESG Advisory – ACA Group
• Best Portfolio Management Software – Allvue Systems
• Best Data Management Solution – Arcesium
• Best Secure Work-flow Management Provider – AtomInvest
• Best Secondaries Platform – Palico
• Best Fund Administrator – Private Debt – Ocorian
• Best Technology Infrastructure Provider – RFA
• Best Law Firm – Transactions – Kirkland & Ellis LLP
• Best Law Firm – Overall – Kirkland & Ellis LLP
• Best Regulatory & Compliance Firm – Vistra
• Best Fund Administrator – ESG – Citco
• Best Accounting Firm – PwC

Cheyne completes financing for Andalucia Plaza: Cheyne Capital, London, has agreed to a €63.3 million (US$69.44 million) funding partnership with Bain Capital Credit and Stoneweg Hospitality to support the redevelopment and acquisition of the 400-key Andalucia Plaza Hotel in Marbella, Spain. The hotel includes two restaurants, three bars, eight meeting rooms and two swimming pools. It has been considered as a redevelopment opportunity under the Hard Rock brand. Most of the hotel’s existing building fabric is expected to be preserved during the refurbishment to lower the environmental impact.

Banyan Tree’s first Veya: Banyan Tree Group, Singapore, announced the launch of their wellness brand, Banyan Tree Veya, within its multi-brand ecosystem. Slated to open on March 18, the flagship Banyan Tree Veya Phuket offers a wellbeing center featuring a unique White Room for meditative practice, traditional herb farm-pharmacy workshop and villas quipped to allow wellness practices inside the room (including yoga mats, sound therapy bowls and exercise stretch bands). The brand was created in 2021 in direct response to the pandemic to address people’s need for wellbeing. Three Banyan Tree Veya properties are in the pipeline for this year in Thailand, the Maldives and Mozambique.

Hilton to debut in Cannes: With plans to open over 20 new hotels in France over the next few years, Hilton has confirmed a franchise agreement with Cannes, France-based SNC Société d´Exploitation Nouvelle du Soleil d´Or, a subsidiary of SDPNE, to open a new hotel under its Canopy by Hilton brand in Cannes, France. Slated to open in 2023, the 143-room Canopy by Hilton Cannes will be Hilton’s first property in the city and second Canopy property in France. Located close to the city’s beaches, Old Port and the famed Palais des Festivals, the hotel will feature balconies and sea views of the French Riviera, a 400 square meter rooftop terrace, bar and restaurant and 380 square meters of meeting space. The new hotel will join 20 hotels currently trading under Hilton brands in France. Currently, there are 35 open Canopy properties globally, with 28 under development in 16 countries.

Pictet acquires Kimpton Aysla Mallorca: Pictet Alternative Advisors, Geneva, Switzerland, has acquired the Kimpton Aysla Mallorca hotel in Calviá in the Balearic Islands of Spain, which is expected to open later this year. The transaction, formalized as a turnkey sale and advised by Colliers, has been made through a joint venture with the present owner, in which Pictet has a majority stake. IHG will manage the property, which will mark Kimpton’s first vacation property in Spain and second in Spain after Kimpton Vividora Barcelona. The hotel will feature two outdoor swimming pools, an indoor pool, spa and wellness area, a gym and meeting and convention rooms.

Kuala Lumpur market outlook: While Kuala Lumpur’s performance fell 16% YOY in 2020 due to the pandemic, 2021 performance witnessed a turning point with RevPAR standing at MYR58 (US$13.77), reflecting a 16% rise YOY, according to the ‘Kuala Lumpur Hotel Market Outlook & Prospects 2022’ by CBRE Research. December 2021 RevPAR peaked at MYR118 (US$28.02), the highest since the pandemic hit in April 2020. As per STR’s AM:PM report, 65 new hotels opened in Kuala Lumpur between 2011 and 2021, growing at a CAGR of 3.8% per annum. Almost 5,000 rooms are slated to launch this year. Till 2021, the room supply in the city consists of 23% economy, 19% mid-scale, 15% upper mid-scale, 22% upscale, 12% upper upscale and 8% luxury. Luxury and upper upscale is expected to account for more than 60% of the new supply over the next three years. The two most active groups in the pipeline are Accor and IHG, with 2,710 rooms across nine hotels and 2,158 rooms across seven hotels, respectively. They constitute for a combined 36% of the overall pipeline.

Google tool for hoteliers: Google has launched new tools to help hoteliers find people when they’re planning to book their next trip. Free hotel booking links, which was launched on google.com/travel in 2021, will now be displayed on the search results and Google Maps to help travel partners expand their search and give consumers more options. After clicking on these links, travelers can complete their booking directly on the partner’s website. Individual hotels can share rates directly via their Google Business Profile to take part in free hotel booking links. Local posts for Google Business Profile will enable owners to share updates about any changes due to COVID-19, including information on whether the hotel is open or closed, updates on changed amenities/policies, descriptions of special features available and compelling images and videos. New features include free click reporting (which allow partners to understand customer traffic being routed through Google) and rates via business profiles (hotels can provide information about rates and availability directly to Google).

Real Estate Credit Investments Ltd (LON:RECI) is the topic of conversation when Hardman and Co’s Analyst Mark Thomas caught up with DirectorsTalk for an exclusive interview. 

Q1: Your recent report on Real Estate Credit Investments sits behind a disclaimer. What can you tell us about that?

A1: It is just the standard disclaimer that many investment companies have. In essence, for regulatory reasons, there are some countries (like the US) where the report should not be read. It is not a simple asset class, and the report should only be looked at by professional/qualified investors.

Q2:Your recent report was called Vive la difference.  What can you tell us about it?

A2: In this note, we analysed RECI’s French exposures, which now account for 37% of commitments and three of the top-10 commitments. In particular, we reviewed the geographical and sector risk diversification, and growth opportunity benefits, that this brings to RECI investors.

We looked at the competitive advantages of Cheyne, the manager, in this area, noting, particularly, its structuring of complex deals, certainty of finance and relative simplicity compared with syndicate providers. We used case studies from its €1bn+ cumulative lending to illustrate these advantages.

We also looked at RECI’s recent quarterly update, which highlighted its usual, overall strategic theme of consistency.

Q3: So, looking at RECI in France, can you give us some background first?

A3: While the nature of lending is somewhat lumpy, there has been a consistent trend of growth over several years. We have a chart in our note that shows the growth since January 2018, when French assets were just 8% of the book, to the current level of just over a third. It is not an accident but a deliberate, planned, directional transition of the book away from the UK (which, at the start of 2018, was 81% of lending, and is now just a half) and into Europe, especially France.

Q4: What benefits does that bring to their investors?

A4: Real Estate Credit Investments’ exposure to France brings investors geographical diversification, which is important for risk management, and exposure to COVID-19 restrictions and interest rate moves. It also leads to greater sector diversification and a different (lower risk/return) investment profile. By way of example of the lower risk profile, even though hotels are a major sector exposure in France, the performance through COVID-19 was exemplary. It also provides new growth options should the UK slow.

Q5: You said you looked at Cheyne, the manager’s, strengths in France. What can you tell us about these strengths?

A5: Cheyne has been lending in France since 2017. Initially, this was conducted out of the London office, with the French team, headed by Raphael Smadja, making the commitment of regular visits (pre-pandemic) to meet key network partners, such as developers, brokers and banks, face to face. From 2018 through to spring 2021, when a Paris Office was opened, this model generated €750m. This has now grown to gross cumulative lending in excess of €1bn.

In France, Cheyne adopts the same lending practices we have outlined in our previous notes, using experienced staff, who own the exposures and are directly responsible for managing situations that may go wrong. The combination of experience and culture is hugely important in assessing risks, monitoring exposure post onboarding and managing situations that may become adverse.

In terms of origination, Cheyne’s core competency in structuring deals, its speed to completion and its certainty in finance give it a clear competitive advantage that is not dependent on taking risk, and we outline, in our report, some case studies of how this has delivered in practice.

Q6: A few words on the French property market?

A6: Our property analyst went into some detail in the report on the outlook for both commercial and residential property. If I were to limit this to a few words, my summary would be that the markets look robust – indeed, probably among the strongest in Europe. We concur with Cheyne’s view that the downside risk in the market appears relatively modest.

Strelia advised Cheyne Capital on the deal.
Perseus Group SA has secured senior and mezzanine facilities totalling EUR93 million. The loans, from funds managed and advised by Cheyne Capital, will be used to finance the conversion of the Hôtel du Couvent in Nice and refinance the existing debt of the Hotel Le Pigalle in Paris.
The financing has enabled the successful exit of Platina International (Platina), Perseus’s long-term investor, which has been supporting the group since 2011. Valéry Grégo, Perseus’s founder and CEO, becomes majority shareholder.
The Strelia team included Frédéric Heremans (Picture), Jean-Luc Dascotte, Thomas Pouppez et Samantha Kabeya.

Perseus Group has completed secured senior and mezzanine facilities totalling €93 million.

The loans, from funds managed and advised by Cheyne Capital will be used to finance the conversion of the Hôtel du Couvent in Nice and refinance the existing debt of the Hotel Le Pigalle in Paris.

Hotel du Couvent is a 16th century former convent that is being transformed into a luxury hotel. Le Pigalle is a lifestyle 4* property.

The financing has enabled the successful exit of Platina International Perseus’s long-term investor, which has been supporting the group since 2011. Valéry Grégo, Perseus’s founder and CEO, becomes majority shareholder.

What They Said

Valéry Grégo, Perseus’s founder and CEO, said: “2021 is a pivotal year for Perseus to secure these facilities, 10 years after the inception of Perseus. We are pleased to partner with Cheyne who have been instrumental in providing financing that suits Perseus’s long-term objectives of value creation, strategic vision and streamlined capital structure.”

Raphael Smadja, head of French real estate at Cheyne Capital, said: “While the hotel sector was severely hit by the COVID pandemic, we have seen a surge in demand since restrictions have eased and believe that under the careful management of the Perseus Group, both the Hotel Le Pigalle and Hotel du Couvent are well positioned to capitalise on this. We look forward to working with Valéry and his team in this venture.”

Perseus Group SA (Perseus) has secured senior and mezzanine facilities totalling EUR93 million. The loans, from funds managed and advised by Cheyne Capital (Cheyne), will be used to finance the conversion of the Hôtel du Couvent in Nice and refinance the existing debt of the Hotel Le Pigalle in Paris.

The financing has enabled the successful exit of Platina International (Platina), Perseus’s long-term investor, which has been supporting the group since 2011. Valéry Grégo, Perseus’s founder and CEO, becomes majority shareholder.